As the Biden-Harris regime’s “stimulus” checks flood the bank accounts of many Americans who have never seen so much money all at once, grocery bills are on the rise and the looming threat of inflation has become manifestly real. WIVB4 Buffalo reports, “prices on some key household items and food have been going up by about 3.5% over the last 12 months. For a family of four, that is around $500 a year. ”
The trend has even received the attention of the Foodie set with Food & Wine magazine reporting,
“According to USDA data released last week, the Consumer Price Index for grocery store or supermarket food purchases last year was up 3.5 percent: That’s not only a significant jump from 2019, where these retail “food-at-home” prices were up only 0.9 percent from the year before, but also well above the 20 year annual average of 2.0 percent and the highest annual increase since 2011.”
NBC spoke to Phil Lempert, founder of SupermarketGuru.com, “Lempert warned that shoppers shouldn’t expect relief any time soon. “I think food prices are going to continue to increase for probably a good year, year and a half,” he predicted. “Our costs are going to go up for food production,” he said.”
Fuel costs have skyrocketed as well and are likely to continue to do so, due to the Biden-Harris regime’s punishing anti-fossil fuels agenda, notably the termination of the KeystoneXL pipeline and freezing all new drilling leases on federal lands. Patrick DeHaan, of GasBuddy.com said that “Covid decimated demand. It caused a lot of contraction and production cuts,” “2020 set things back for U.S. oil production by several years.”
Skyrocketing Prices, Inflation And The Elephant in the Room.
The vast majority of mainstream media outlets point almost exclusively to increased dining at home due to COVID19 restrictions and/or supply chain problems caused by the global hysteria. The elephant in the room which is being willfully ignored is the increase in real inflation, which leftist economists claim is about 1-1.5% which among others Reddit Investors on Twitter has soundly rebuked.
Two years ago a carton of eggs was $2.27. Today, same store, $3.89. 58% increase. 1% inflation my ass.
— Reddit Investors (@redditinvestors) April 6, 2021
Dan Held, Growth leader at Kraken, a cryptocurrency exchange and author of The Held Report made a similar tweet citing Reddit Investors, noting a 24% increase in the money supply among other staggeringly inflated figures, opposed to the “Official US inflation rate”. The money supply increase and stock market volatility he notes are sure-fire fuel sources for runaway inflation and currency devaluation.
Official US inflation rate: +1.5%
Home Values +8%
Stock Market +23%
Money Supply +24%
— Dan Held (@danheld) April 3, 2021
Darin D. Fessler, SVP- Market Strategist of Lakefront Futures & Options specializing in agriculture shared similar figures tweeting that,
“Food inflation is real w/ the index 4% above 5yr avg.”
US Ag Price Index at highest level in over 5 yrs. Index model is derived from local cash price data & is modeled based on consumer spending on food (grains, vegetable oils, fresh produce, proteins, etc.) Food inflation is real w/ the index 4% above 5yr avg. #corn pic.twitter.com/IeOtWWJirV
— Darin D. Fessler 🇺🇸 (@DDFalpha) April 5, 2021
As the Democrat-Socialists in power continue to demand that punishing COVID lockdowns continue or threaten to reinstate them and pump out deficit funded taxpayer dollars in a ham-fisted wealth redistribution ploy thinly disguised as “relief” we can expect the inflation of food and fuel costs to only increase as the buying power of the American dollar plunges.
Furthermore, the weakening of the United States on the global foreign policy and energy production stages will only exacerbate the situation. As more secondary powers and third world nations gravitate toward China and Russia’s spheres of influence rather than America’s declining pull we could see the US Dollar cease to be the de facto global currency.
In short: EVERYTHING that the Biden-Harris regime is doing today is driving inflation, killing jobs, stalling economic growth and setting the stage for their favorite eco-socialist inspired power play: the Global Reset. Biden thinks he’s the next FDR, but history will prove him to be more like Paul Von Hindenburg, the last President of Weimar Germany before the rise of the Third Reich.